TSX Ends Another Strong Week On High Note -- Canadian Commentary

(RTTNews) - Canadian stocks rallied Friday, extending 8-month highs on strength in the gold and energy sectors.

The TSX Composite Index was up 64.97 points to 15,807.17, about 100 points from February's record high.

Markets were in a good mood on signs the US may hold off on a December rate hike.

In economic news, U.S. consumer price index rose only 0.5% last month, due mostly to a temporary spike in gas prices after Hurricane Harvey. The closely watched core CPI was up only 0.1%, leaving the annnual rate of inflation at only 1.7%.

That's below the Fed's 2% target.

Economists expected consumer prices to have risen 0.6% in September, compared with 0.4% in August, and core CPI at 0.2%.

U.S. retail sales jumped 1.6% in September, it was also revealed this morning.

Crude oil futures rallied Friday amid hopes for strong demand from the U.S. and China.

Nov. WTI oil climbed 85 cents, or 1.7%, to settle at $51.45/bbl on Nymex, having picked up 4% this week.

In corporate news, ProMetic Life Sciences Inc.(PLI.TO) said the FDA has accepted its BLA for Plasminogen.

Bombardier (BBD.B.TO) will miss another Toronto transit street car delivery target.

Baker Hughes reported that the number of active U.S. rigs drilling for oil fell by 5 to 743 this week after posting a fall of 2 rigs last week.

Saudi Arabia may be giving up on its IPO for state-owned Aramco Oil. Alternatively, the kingdom could wait until 2019 hoping for higher oil prices.